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Sources of Funds and Investment Activities of Venture Capital Funds : Evidence from Germany, Israel, Japan and the UK
Mayer, Colin - 2003
We compare sources of funds and investment activities of venture capital (VC) funds in Germany, Israel, Japan and the … particularly important in Germany, corporations in Israel, insurance companies in Japan, and pension funds in the UK. VC investment … countries; for example, bank backed VC funds in Germany and Japan are as involved in early stage finance as other funds in these …
Persistent link: https://www.econbiz.de/10012469053
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Patents and the Survival of Internet-related IPOs
Cockburn, Iain M. - 2007
We examine the effect of patenting on the survival prospects of 356 internet-related firms that IPO'd at the height of the stock market bubble of the late 1990s. By March 2005, nearly 2/3 of these firms had delisted from the NASDAQ exchange. Although changes in the legal environment in the US in...
Persistent link: https://www.econbiz.de/10012465507
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Conflict of Interest in the Issuance of Public Securities : Evidence from Venture Capital
Gompers, Paul - 1998
In this paper we investigate potential conflicts of interest in the issuance of public securities in a setting analogous to a universal bank, i.e., the underwriting of initial public offerings by investment banks that hold equity in a firm through a venture capital subsidiary. We contrast two...
Persistent link: https://www.econbiz.de/10012471965
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Hidden in Plain Sight : Venture Growth with or without Venture Capital
Catalini, Christian - 2019
The majority of IPOs and acquisitions are achieved without venture capital financing, yet research has focused mostly on VC backed firms. Using founding choices and a predictive analytics approach on virtually all US registered businesses, we shed light into these "missing" growth firms....
Persistent link: https://www.econbiz.de/10012480465
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The Creation and Evolution of Entrepreneurial Public Markets
Bernstein, Shai - 2018
This paper explores the creation and evolution of new stock exchanges around the world geared towards entrepreneurial companies, known as second-tier exchanges. Using hand-collected novel data, we document the proliferation of these new stock exchanges that were created in a large number of...
Persistent link: https://www.econbiz.de/10012481061
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The Persistent Effect of Initial Success : Evidence from Venture Capital
Nanda, Ramana - 2018
We use investment-level data to study performance persistence in venture capital (VC). Consistent with prior studies, we find that each additional IPO among a VC firm's first ten investments predicts as much as an 8% higher IPO rate on its subsequent investments, though this effect erodes with...
Persistent link: https://www.econbiz.de/10012452836
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Venture Capital Investments and Merger and Acquisition Activity Around the World
Phillips, Gordon M. - 2017
We examine the relation between venture capital (VC) investments and mergers and acquisitions (M&A) activity around the world. We find evidence of a strong positive association between VC investments and lagged M&A activity, consistent with the hypothesis that an active M&A market provides...
Persistent link: https://www.econbiz.de/10012453631
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Orphan Drug Designations as Valuable Intangible Assets for IPO Investors in Pharma-Biotech Companies
Gorry, Philippe - 2017
Orphan Drug (OD) legislation has been implemented with regulatory and financial incentives to encourage drug innovation in order to treat rare diseases. This study aims to test whether OD Designations (ODD) granted by the Food and Drug Administration (FDA) to pharmaceutical and biotechnology...
Persistent link: https://www.econbiz.de/10012453692
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Private or Public Equity? The Evolving Entrepreneurial Finance Landscape
Ewens, Michael; Farre-Mensa, Joan - National Bureau of Economic Research - 2021
The U.S. entrepreneurial finance market has changed dramatically over the last two decades. Entrepreneurs raising their first round of venture capital retain 30% more equity in their firm and are more likely to control their board of directors. Late-stage startups are raising larger amounts of...
Persistent link: https://www.econbiz.de/10012794560
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On the Return to Venture Capital
Jovanovic, Boyan - 2007
We provide a model that links the high return to venture equity to the impatience of the VCs. VCs are scarce, and hence, they have market power and a high return on their investments. As a result, VCs are eager to terminate non-performing ventures so they can move on to new ones. The scarcity of...
Persistent link: https://www.econbiz.de/10012465782